Nuvation Bio (NYSE:NUVB) Shares Down 6.4% - Time to Sell?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price fell 6.4% during trading on Wednesday . The company traded as low as $1.87 and last traded at $1.89. 1,838,154 shares changed hands during trading, a decline of 10% from the average session volume of 2,048,537 shares. The stock had previously closed at $2.02.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NUVB shares. HC Wainwright lowered their price target on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Wedbush reiterated an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a report on Thursday, March 27th. Jones Trading assumed coverage on Nuvation Bio in a research report on Wednesday, March 12th. They set a "buy" rating and a $10.00 target price for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $10.00 target price (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th.

Nuvation Bio Trading Up 0.8 %

The firm has a market capitalization of $672.28 million, a PE ratio of -0.91 and a beta of 1.47. The business has a 50-day moving average of $1.97 and a 200 day moving average of $2.37.

Insider Activity at Nuvation Bio

In other news, CEO David Hung acquired 300,000 shares of Nuvation Bio stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average price of $1.62 per share, for a total transaction of $486,000.00. Following the completion of the transaction, the chief executive officer now owns 58,781,054 shares in the company, valued at $95,225,307.48. The trade was a 0.51 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its position in shares of Nuvation Bio by 11.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 60,951 shares of the company's stock worth $107,000 after buying an additional 6,403 shares in the last quarter. Firethorn Wealth Partners LLC acquired a new position in shares of Nuvation Bio in the first quarter worth about $35,000. Wellington Management Group LLP increased its holdings in Nuvation Bio by 8.3% in the 4th quarter. Wellington Management Group LLP now owns 676,024 shares of the company's stock worth $1,798,000 after acquiring an additional 52,051 shares in the last quarter. California State Teachers Retirement System boosted its stake in Nuvation Bio by 40.1% during the 4th quarter. California State Teachers Retirement System now owns 200,380 shares of the company's stock worth $533,000 after purchasing an additional 57,310 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Nuvation Bio in the 4th quarter worth $27,000. Hedge funds and other institutional investors own 61.67% of the company's stock.

Nuvation Bio Company Profile

Nuvation Bio Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company's lead product candidate is NUV-868, a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation, including oncogenes comprising c-myc; NUV-1156, an AR binder Xtandi that address advanced stage prostate cancers with the potential to move into earlier lines typically treated with surgical prostatectomy; and drug-drug conjugate (DDC) platform which leverages a novel therapeutic approach within the drug-conjugate class of anti-cancer therapies to deliver anti-cancer therapeutics to cancer cells, as well as NUV-1176, a PARP inhibitor to address ER+ breast and ovarian cancer.